Small show of green candles and everyone on crypto Twitter seems to have forgotten that FTX got the order to liquidate around $3b worth of crypto assets last week.

[image is a screenshot from x]

Although some people are saying the market already priced it in, I don’t know if it’s Hopium talking or it’s the fact because according to the liquidation plan, about $100m worth of Bitcoin is meant to be dumped every week and if there’s no $100m worth of buying power to follow it, green candles isn’t what we will be getting, how exactly has that been priced in?

So pardon me if I say I’m not phased with this pump, This is mid September, we are still in a very bearish territory infact this short lived pump just seems like a diver bringing his head out of the water for fresh air for 2 seconds before diving in again, I’m literally shaking at the potential magnitude of the next price dumps.

Rune’s Stellar Performance

On the flip side, some tokens have stood out to be fundamentally stronk and is currently out performing the entire market, on this front we have RUNE. Something interesting happened over the week, Erik Voorhees gave an amazing speech about crypto that generated over 1.5 million impressions in the first day.

[image is a screenshot from Erik’s video]

Erik’s Speech

The speech was profound, generating tons of comments from crypto thought leaders and users from all over the world, the speech did well to remind everyone what lead us here and why we were grinding in this space,

it emphasized the importance of our financial autonomy in the face of the broken legacy system, it touched on our reason to fight for freedom as men rather than live under woeful dictates like farm animals, it emphasized the principles of transparency and trusting code, maths and science over old redundant laws that are subject to politics and human errors.

it was a great speech in its entirety and we’ve almost never had any of such in crypto since the beginning, personally, it felt like what Balaji Srinivasan should have said when he rang the Bit signal alarm, just maybe his message would have been reckoned with a bit more. Anyway, Erik Voorheez dropped a bomb speech and the effect rippled back to RUNE.

Why THORChain matters

This is more of a fact than mere speculation because Erik operates a decentralized wallet Shapeshifter, that uses THORChain in its back end, if you’re speaking of financial freedom and autonomy in crypto, one thing is to have the freedom money, another thing is to be able to move the freedom money around,

Bitcoin is the freedom money, exchanging/moving the freedom money around requires a freedom system, this is where THORChain becomes important and hence Rune, Trust wallet uses THORChain at its backend, so does a couple of other decentralized exchanges which all feed off the economic power of Rune,

So maybe Erik brought to light what was in the dark, maybe his speech made people realize the importance of THORChain and Rune over again, whatever the reason is, the good thing is that THORChains development speaks for itself, from the latest update, THORChain’s lending feature has burnt more than 842,000 $RUNE tokens in just 27 days with max RUNE supply at 500m, in a couple of months more, with increased adoption, we can already anticipate more RUNE being burnt, lending effectively makes RUNE deflationary!!!

Hive

Hive also had a nice show of strength by tapping on the $0.3 mark over the weekend, interesting how $0.3 mark was the strong line of support a few months ago, now seeing Hive at $0.3 is something automatically worth jubilating about, screw this bear market Urghh.

While Hive technology remains superior in web3 space, it still needs to be out there, here is where Leofinance comes in, with the adoption campaign in motion, I can only hope that the right crowd is onboarded. At some point Hive will be recognized for the beast it truly is.

In the mean time folks, don’t get phased out, markets can be tricky and can do exactly opposite of what we expect. It’ll be absurd to expect a bullish market in the coming weeks, so brace up, but don’t forget, be greedy when others are fearful, participate and engage and you’ll be called a genius in the bull run.

Thanks for reading. Stay safe out there.